The Analysis And Research Of The Motive, Mode, And Results Of Merger And Acquisition (M&A) Of The State-Owned Enterprise By Foreign Investor

The form of making use of the foreign Investor in our country has expanded to the multinational M&A field gradually from the traditional joint venture cooperation. In 2002 and 2003, the amount of direct foreign capital investment in our country is larger than any other country in the world, but the foreign Investor in the form M&A is only 5 %. Now, the world idle capital is abundant and flexible, and this provides the ample funds the capital for multinational company to merge the Chinese state-owned enterprise; as the transition period of China' s joining in the World Trade Organization ends gradually and the reforms of Chinese economic system concerning foreign affairs deepens, the field and scope of the foreign capital in Chinese realm will be more comprehensive, and the policy will be even more looser. This will provide a better environment for foreign Investor to merge the Chinese state-owned business enterprise. Our country has much potential to attract foreign capital by merger and acquisition in the future. The research on problems about M&A of Chinese state-owned enterprise by foreign Investor has positive meaning both theoretically and practically. This text studies the motive, mode, and results of the M&A of the state-owned enterprise by the foreign Investor from the research of the history origin by making use of the norm analysis thoroughly with the case example thoroughly analysis with study.This text first defines the M&A of the foreign Investor , then looks back the five historical merger waves and the characteristics, and discusses the history and characteristics of the M&A of the state-owned enterprise by foreign Investor in detail. Then reviews the theories of direct investment and the motive of multinational M&A, and this provides theory base for the following research.。On the investigative foundation above, this text establishes" the analysis frame based on strategic value creation motive", and analysis thoroughly the motive of foreign capital M&A from three angles: the realistic environment in our country, foreign Investor and state-owned enterprise. Value creation must be fulfilled in a proper way. After concluding various foreign Investor M&A methods in this article, it discusses the mode of foreign M&A in general form the angle of both state-owned enterprise in and out of the market, and to establish to promote M&A of the foreign investor about the policy law, economic environment that mode set up put forward the countermeasure. Whether value creation is realized or not should be judged by the actual results. Therefore, this text finally uses finance accountancy's method to analyze the M&A of the state-owned business enterprise by foreign Investor. This text is a little bit creative to consist in: (1) put forward " the analysis frame based on strategic value creation motive"; (2) discusses the mode of the M&A of the state-owned enterprise by foreign Investor completely and generally. and to establish to promote M&A of the foreign investor about the policy law, economic environment that mode set up put forward the countermeasure;(3)uses finance accountancy's method to analyze the M&A of the state-owned enterprise by foreign Investor.